CommonBond, a Brooklyn, NY-based student lending platform, raised over $100m in equity and debt financing.
The round was led by Tribeca Venture Partners, with participation from The Social + Capital Partnership, Vikram Pandit, Thomas Glocer, and Tom Kalaris.
Co-founded by CEO David Klein, Michael Taormina, and Jessup Shean, CommonBond allows MBA graduates who carry student loan debt to consolidate their MBA & undergraduate loans at a fixed rate of 5.99% (with automatic debit) and to finance their loans at a fixed rate of 6.24% (compared to the Federal Graduate Direct PLUS loan at 6.41%).
The company launched its inaugural loan program in November 2012 at The Wharton School of the University of Pennsylvania and is now accepting applications from students and graduates of 20 MBA programs with plans to roll out the platform to additional graduate degrees, including law, medical and engineering.
CommonBond is hiring.